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Business and Financial Policies and Procedures

2.6 Process a Transaction between the University and the Owner of an Agency Fund

Policy Statement

Transactions between the University and owners of agency funds held by the University must follow the same processes established for transactions between the University and other external parties, unless addressed elsewhere in University policy.

Transfers of expenditures or revenue between agency funds and University funds are not permitted unless the transfer is necessary to correct an erroneous transaction posted to Banner. In no instance, however, may an erroneous agency fund expenditure be transferred to a University fund if the original expenditure failed to comply with the Illinois Procurement Code. Likewise, sales tax must be remitted by the owner of an agency fund for any expenditure corrections posted to the owner's agency fund, unless the owner has a separate sales tax exemption number.

Procedure

To process a transaction between the University and the owner of an agency fund, identify the nature of the transaction and follow the guidelines below:

  1. If the agency fund owner wishes to support a University event or project, process the transaction as a gift to the University. The owner’s University liaison:
  2. If a University unit wishes to support an event or project of the agency fund owner, process the transaction as directed in 8 Financial Assistance and Sponsorship Payments to Outside Organizations
  3. If the agency fund owner wishes to procure goods or services from the University, consult 2.5 Expend Agency Funds on Behalf of Owner.
  4. If the University wishes to procure goods or services from an agency fund owner, established University procurement processes must be followed. Consult 7 Purchasing and 8 Payments and Reimbursements
  5. If a University unit and an owner of an agency fund collaborate on an event or project, the University and the agency fund owner:

Gift Received Transmittal

2.5 Expend Agency Funds on Behalf of Owner
7 Purchasing
8 Payments and Reimbursements
8 Financial Assistance and Sponsorship Payments to Outside Organizations
11.3 Campus Processing of Gifts

Campus Processing of Gifts

Last Updated: July 17, 2015 | Approved: Senior Associate Vice President for Business and Finance | Effective: July 2015

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